Phoenix, AZ –– ABI Multifamily is pleased to announce the $8.15 million / $83,163 per unit sale of Silver Tree Apartments located in Phoenix, Arizona. Built in 1986 of frame construction with some renovations between 2015/17, Silver Tree is a garden-style apartment community that features 98 units in seven, two-story buildings.
The property rests on approximately 3.54-acres with a unit mix that consists of (16) studios, (42) one bed and (40) two bed units with an average size of 604 SF. Electricity is individually metered with individual A/C units and a main boiler for domestic hot water. The xeriscape property grounds have a beautiful spacious swimming pool with Ramada and centrally located laundry facility. Additional planned improvements include a fitness center, dog park, business center, group project area for students, rebranding and more. Interior planned improvements include new kitchen cabinets, quartz countertops, stainless steel appliances and more.
“The property has been meticulously maintained by a pride-of-ownership owner / operator with new roofs installed in 2015 and more exterior improvements in 2017 including all new paint,” states Eddie Chang, Partner, who represented both the buying and selling entities in the transaction. “The buyer was attracted to this value-add opportunity due to its close proximity to Grand Canyon University which has been expanding rapidly, creating the need for additional quality housing and services. The new owners plan to take advantage of the growing demand by making sweeping exterior and interior improvements targeting the student population of GCU.”
The buyer is a private partnership based in Phoenix, AZ.
The seller is a private partnership based in Phoenix, AZ
The multifamily brokerage team of Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented both the buyer and seller in this transaction.